India bank RBL Bank is collaborating with Rupay and Oxigen to launch an expense management solution, according to news from The Economic Times of India on Tuesday (Feb. 20).
According to the companies, their tool, which links business clients to a debit card solution to manage employee spend, is the nation’s first to provide automated Know Your Customer (KYC) for faster activation of cards.
The tool, OEMS, is part of the companies’ efforts to further digitize back-office functions for small businesses and larger enterprises, reports said. The product also marks Oxigen’s expansion into the corporate finance space, adding onto the company’s existing consumer mobile wallet services.
“We are delighted to launch India’s first true paperless expense management solution,” said Oxigen Group Vice Chairman and CEO Ankur Saxena in a statement. “It will be a game changer in driving digital payments for companies. By offering solutions for operational expenses [and] salary payments, OEMS will create a true cashless infrastructure. Employee benefits, paper bill reimbursements and micro-salary disbursement amounts to a big chunk of paperwork, and that will reduce with OEMS.”
Separate reports in Afaqs said Oxigen is in talks with investors in the U.K. to raise up to $70 million; Saxena told the publication that the company’s expansion into expense management is part of a broader growth plan that includes introducing digital finance solutions for universities and an entrance into the fleet space.
“We hope to get over 3 million users of our corporate card over three years,” the executive told the publication. “We hope to generate revenues of around $3.5 billion during this time.”